Is there ANY possible way I can still get a used car?

Question

I receive SSI & Social Security & make only $643/month total. Also, my credit is very poor, & I have a repossession on my credit.

Why do dealers say Bad Credit & Bankruptcy is OK, as long as you have steady income, & then they run a credit check on you & say you don't qualify for getting a car? Isn't this contradictory?

Answer 1

It's the repo, and your low income that is holding you up. You would be able to get a car from a "buy here, pay here" lot, but the interest rates are insane! 30% is not unusual. Your only real option is to either ask a family member for assistance to buy a used car outright, you don't have enough income to support a car payment and rent/housing, or check at Goodwill or St.Vincent DePaul, they have cars that have been donated, and the prices are quite reasonable considering everything. Again, you would need help to get enough money together, or start saving for the car.

Answer 2

the reason they say that kind of stuff is to attract people in that don't think they qualify but barely do. they do the same stuff with buying a house. it's a scam to just get people in the door. if you do find a place to finance you it will be a rip off. what you should do is save money for a few months and then pay cash. you will probably get just as good a car to. i seen a finance anyone dealer once that would sell a car they paid 500 for for 500 down and 50 bucks a week. they already brook even with the down payment. if the person defaulted after a few payments they weren't out a lot but the person legally owed the money still. hopes this helps. good luck

Answer 3

Well in about 6 months if you save up about $200 monthly you can afford a car without even going to a car dealership. There are police auctions they are usually in the "wheels" or "cars" section of the newspaper. The newspapers usually advertise when upcoming auctions are. My cousin recently got a 2004 Porsche for only $15,000 which is EXTREMELY cheap compared to the $50,000-60,000 regular price range. I am looking to get my first car and I will be sure to attend those auctions. The cars are repossessed cars or cars that were in the impound that were never claimed. Good luck!

Answer 4

The bottom line is this; you can't afford a car.

How the heck did you end up on SSA/SSI anyway? You look too young.

Anyway, unless you actually lived in your car and ate dry beans and rice three meals a day and never moved the car except when necessary you can't afford the maintenance, the scheduled service, the insurance, the plates, tires, gasoline.

If you were mechanically inclined and bought a used car in mint condition for cash, then you might be able to do your own repairs and service and with some other financial help, like a room-mate, you might be able to afford a car.

A woman has to know her limitations.

Good Luck!

Answer 5

no matter what they say in their advertisement, they care about what your credit says.

every used car dealer has A bank, one they are directly in business with, and have someone that they specifically apply to to try to get YOU a loan to buy THEIR car. if this bank decides your credit is bad, the only way you will get a loan through that dealership for the car you want is through a "House Loan", where the owner of the dealership basically trusts giving you the car, and assumes that you will pay him the money he is loaning you out of his own pocket. If you fail to make payments, he has a re-po team that will literally go to your house and take the car away. if you crash the car, he gets paid immediately by your insurance company.

so your best chance is to find a dealer that is almost DESPERATE to sell you the car that you want. and the closer to the last day of the month you go hunting, the better chance you have at getting that awesome deal.

good luck.

Answer 6

The best way is to keep looking around. Whenever you go out, don't miss park cars on gas stations, auto repair shops, and parking lots. There are number of cheap cars around you that you can get under your budget value. Please don't make payments. Pay in cash, and also take a test drive and have your friend or any mechanic, that you trust, look at it.
The same way my cousin found a good deal. There is a chance for you too.
Also looking in a NEWSPAPER is a great advantage.

Answer 7

bad credit = high interest rates, your take home is less than your payment would be. i think (?) your payment can only equal 20% of your pay after living expenses. what you can do is put money aside each month untill you save about $1000. or more. while you save keep looking at cars and their prices , this way you get an idea of what you can afford. make sure its roadworthy. if it is not you will be putting more money out to get it fixed (ex. good tires, brakes, all the lights work etc...)

Answer 8

Keep checking the paper. Some folks are willing to give you a deal. Look for something that works. Don't mean it will look good or that you like it. Try to stay away from "We tote the note" lots. They are out to get your down payment then repo your car to do it all over again.

Answer 9

Well you didn't mention how much the cars you're looking at are. I mean, if you're looking at a 2007 Escalade, I wouldn't give it to you either.
Are you looking at a low priced car, something you can afford? I suggest you save up and buy a used car, you can get some quality used cars for about $2,000.

Answer 10

With your income you cant afford a car think of gas insurance repairs etc,, you make get a loan from a shark, but you dont need the sress.